2018 - 2026
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The optometry equipment market is projected to register a CAGR of 5.62% during the forecast period, with a revenue of approximately USD 2,614 million in 2020 and expected to reach USD 3,629 million by 2026.
In the initial days of the COVID-19 pandemic, several countries were in lockdown. They suspended trade with other countries and implemented travel restrictions, leading to the decline in eye diagnosis in the first half of 2020. According to the study published in the British Journal of Surgery, in May 2020, based on a 12-week period of peak disruption to hospital services due to COVID-19, around 28.4 million elective surgeries worldwide were canceled or postponed in 2020.
Furthermore, according to a research study by Ping Wu et al., published in JAMA Ophthalmology 2020 May, about 31.6% of patients with COVID-19 have ocular abnormalities, with most among patients with severe systemic manifestations or abnormal findings on blood tests. These results suggest that ocular symptoms commonly appear in patients with severe pneumonia. The study results susggest patients infected with COVID-19 may experience ocular abnormalities which may drive use of optometry equipment in the management of the disease.
Some of the factors that are responsible for the growth of the optometry equipment market include the rising prevalence of eye diseases, technological advancements in ophthalmic devices, and increasing government initiatives to control visual impairment.
Globally, the total number of persons with visual impairment and blindness is increasing. The number of people with age-related eye diseases is assumed to be on the rise with the increasing life expectancy. Cataract is still the major cause of visual impairment and blindness, globally, but other age-related eye diseases, such as age-related macular degeneration (AMD), glaucoma, diabetic retinopathy (DR), and degenerative myopia, are becoming more prevalent in the developed countries. For instance, according to a research study by D. Kreft et al., published in BMC Public Health Journal 2019, the incidence of primary open -angle glaucoma (POAG) in German population was found to be 0.38 (0.36–0.39) per 100 population. Moreover, the incidence rates were higher among German women compared to men i.e 19% higher incidence for women. Thus, high incidence of primary open -angle glaucoma (POAG) can be reduced by implementing early diagnosis procedures which will boost the market growth.
Cataract is the most prevalent eye disease in the world and is a major cause of visual loss in the developing as well as the developed countries. A number of risk factors have been suggested for cataract, age-related macular degeneration, and glaucoma, yet only a few have been well established. Moreover, as per American Association of Ophthalmology stated that the major cause of visual impairment, around the world, is cataract. For instance, according to the World Health Organization (WHO), in 2019 there were around 65.2 million people worldwide with vision impairment due to cataracts. Hence, as a result of these eye diseases, there is an increase in the adoption of the optometry equipment for treating eye disorders, and thereby, helping in the market growth.
Furthermore, launch of advanced products by market players is also boosting the market growth. For instance, in April 2019, Grafton Optical launched "Cell V100 handheld vision screener", which is primarily designed for use on children and at mass screening events. The device can screen both eyes from a distance of 1 meter, and is capable of delivering results within 1 second. Moreover, the device has an enhanced battery life, operating for around 5 hours. Thus, owing to above mentioned factors, it is expected to drive the market growth.
Scope of the Report
As per the scope of the report, Optometry equipment is used to examine, diagnose, and manage diseases and disorders of the visual system, the eye, and deformities associated with eye structures, as well as to diagnose eye-related systemic disorders. The optometry equipment includes a set of equipment used for cornea and cataract examination, as well as retina and glaucoma examination purposes. The optometry equipment market is segmented by Type of Examination (Retina Examination (OCT Scanner, Fundus Camera, Visual Field Analyzer, Ophthalmoscope, Retinoscope) Cornea Examination (Wavefront Aberrometer, Specular Microscope, Other Cornea Examinations), General Examination (Autorefractor, Ophthalmic Ultrasound System, Tonometer, Phoropter, Keratometer, Lensometer, Other General Examinations), End-User (Eye Clinic, Hospitals, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above segments.
|By Type of Examination|
|By End User|
|Other End Users|
Key Market Trends
Under Retina Examination OCT Scanner Sub-segment is Expected to Hold Significant Market Share Over the Forecast Period
Optical coherence tomography (OCT) is a non-invasive imaging test which uses light waves to take cross-section pictures of retina. The primary factors attributed for the major revenue is due to the growing prevalence of eye conditions, such as glaucoma, scotoma and other retinal diseases.
During COVID-19 pandemic several preventive measures has taken in providing services to glaucoma patients. For instance, according to a research article by Julie M. Shabto et al., published in Journal of Glaucoma Journal April 2020, during the COVID-19 pandemic 2020, there were many opportunities for the transmission of pathogens, particularly COVID-19 during the patient visit to an outpatient glaucoma clinic. During COVID-19 pandemic, proper infection control practices were given to the volume of patients in these clinics even during times of restricted patient flow and the number of instruments that may be used during a single-patient examination.
In addition, during the COVID-19 pandemic 2020, Carl Zeiss market devices, instruments, systems and others for ophthalmology recorded a significant decline, particularly in spring 2020. For instance, as per Carl Zeiss Annual report 2019-2020, stated that around 40% revenue was declined during second Quarter (April-June 2020). Moreover, for the year 2020, there was a revenue decline compared to 2019 revenue.
According to a research article by R.L. Thomas et al., published in Diabetes Research and Clinical Practice 2019, the global prevalence of diabetic retinopathy (DR), for the period 2015 to 2019 was 27.0%. The prevalence of diabetic retinopathy (DR) in Europe was 20.6%, in South East Asia at 12.5% and diabetic retinopathy (DR) prevalence was highest in Africa region with 33.8%, Middle East and North Africa at 33.8%, and the Western Pacific region at 36.2% respectively. Thus, high burden of retinal diseases is expected to rise demand for optical coherence tomography (OCT) in near future.
Moreover, increasing research and development activities in visible light optical coherence tomography (VIS-OCT) and funds by the government is also boosting the segment growth. For instance, in 2019, National Institutes of Health (NIH) awarded research funds to conduct various investigations using visible light optical coherence tomography (VIS-OCT). In 2019 alone, over USD 5 million has been awarded for VIS-OCT research, and National Institutes of Health (NIH) investment has steadily increased compared to previous years.
Thus, globally, visual impairment is recognized as a global significant health problem which has a serious impact on the personal, economic, and social life of an individual. With increasing number of cases with retinal disorders it is expected to drive the segment growth over the forecast period.
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North America Dominates the Optometry Equipment Market and Excepted to do Same in the Forecast Period
Some of the factors which are driving the market growth in North America region include increasing incidence rates of eye diseases and the rising number of aged population, highly developed healthcare infrastructure and presence of key market players in the region.
As per Centers for Disease Control and Prevention and the American Academy of Ophthalmology , it is estimated that there was a nearly 80% initial decrease in ophthalmology visits and that as of mid-June 2020 there was still a cumulative decrease in ophthalmology visits of 40% in the United States.
Moreover, with the decreasing cases of COVID-19, providing screening services for patients with cataract and other eye diseases only if measures such as social distancing, hand hygiene and personal protective are followed. Remote consultations by the NGOs in vision centers is also encouraging.
In 2021, Canadian Ophthalmological Society, during Glaucoma Awareness Month stated that glaucoma affects more than 800,000 Canadians every year. In the awareness month the fact such as rising aging population in Canada, which is leading to increase in the burden of the disease, and it was stated that glaucoma has the potential to become an epidemic in Canada in coming years which is expected to boost the market growth.
In addition, as per a study published in Investigative Ophthalmology & Visual Science June 2020, in Mexico by 2030, the number of people with glaucoma is estimated to reach 1.06 million, increasing to 1.27 million in 2040, and to 1.43 million in 2050.
The market players adopted various strategies such as product launches, developments, acquisitions, collaboraions, merges and expansions to increase market share. For instance, in September 2020, Topcon launched the Aladdin-M software in the United States market. The software measures corneal curvature, pupil dynamics and axial length metrics and incorporates features for keratoconus screening.
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The Optometry Equipment Market is moderately competitive and consists of various small and large surgical/medical device manufacturing companies that are offering products for ophthalmic diagnostics and treatments. Some of the market players include Alcon, Carl Zeiss Meditec AG, Canon Inc., Heidelberg Engineering Inc., and NIDEK CO. LTD, among others.
In January 2021, HAAG-STREIT Diagnostics launched Lenstar Myopia, a solution for the increasing demand for myopia management. The solution consists of HAAG-STREIT’s well-established Lenstar 900 optical biometer and the corresponding EyeSuite software called EyeSuite Myopia. The Lenstar 900 also performs keratometry to make accurate predictions about the onset and progression of myopia.
In December 2020, RetinAI Medical AG has collaborated with Novartis Pharma AG, which entails RetinAI’s artificial intelligence tools to be deployed for supporting various projects in ophthalmology as well as digital health.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence of Eye Diseases
4.2.2 Technological Advancements in Ophthalmic Devices
4.2.3 Increasing Government Initiatives to Control Visual Impairment
4.3 Market Restraints
4.3.1 High Cost of Eye Examination Equipment
4.3.2 Lack of Awareness and Low Accessibility to Eye Care in Low-income Economies
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type of Examination
5.1.1 Retina Examination
184.108.40.206 OCT Scanner
220.127.116.11 Fundus Camera
18.104.22.168 Visual Field Analyzer
5.1.2 Cornea Examination
22.214.171.124 Wavefront Aberrometer
126.96.36.199 Specular Microscope
188.8.131.52 Other Cornea Examinations
5.1.3 General Examination
184.108.40.206 Ophthalmic Ultrasound System
220.127.116.11 Other General Examinations
5.2 By End User
5.2.1 Eye Clinic
5.2.3 Other End Users
5.3.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.4 Middle East and Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East and Africa
5.3.5 South America
22.214.171.124 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.2 Canon Inc.
6.1.3 Carl Zeiss Meditec AG
6.1.4 Bausch Health Companies Inc (Bausch + Lomb)
6.1.5 Essilor International S.A.
6.1.6 Johnson & Johnson
6.1.7 Heidelberg Engineering Inc.
6.1.8 HEINE Optotechnik
6.1.9 Luneau Technology Group
6.1.10 Nidek Co. Ltd
6.1.11 Keeler Ltd
6.1.12 Revenio Group Plc (iCare Finland OY)
6.1.13 Reichert Technologies
6.1.14 Oculus Inc.
6.1.15 Kowa American Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Optometry Equipment Market market is studied from 2018 - 2026.
What is the growth rate of Global Optometry Equipment Market?
The Global Optometry Equipment Market is growing at a CAGR of 5.62% over the next 5 years.
Which region has highest growth rate in Global Optometry Equipment Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Optometry Equipment Market?
North America holds highest share in 2020.
Who are the key players in Global Optometry Equipment Market?
- NIDEK CO. LTD
- Carl Zeiss Meditec AG
- Heidelberg Engineering Inc.
- Canon Inc.
Are the major companies operating in Global Optometry Equipment Market.